ED arrests accused in Shine City money laundering case
The Enforcement Directorate (ED) on Tuesday said that it arrested another accused -- Durga Prasad -- one of the main agents of the Uttar Pradesh-based real estate company Shine City.
IANS
Dec 12, 2023 08:43
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New Delhi, Dec 12 (IANS) The Enforcement Directorate (ED) on Tuesday said that it arrested another accused -- Durga Prasad -- one of the main agents of the Uttar Pradesh-based real estate company Shine City.
The ED said that the agency arrested Prasad on Monday in connection with its probe into a money laundering case of Shine City Fraud.
The ED case is on the basis of 250 FIRs registered by Uttar Pradesh Police against Rasheed Naseem and Shine City Group of Companies, wherein they had collected huge amount of money Rs 800-1000 crore from the public in the name of investment, promised huge returns on the investment and finally cheated the public by way of committing fraud.
The agency said that its probe found that there were many agents who have worked and have been working for Shine City group of companies to lure the investors and helped Naseem and Shine City in generation of the proceeds of crime.
“ED probe found that the proceeds of crime were transferred to various other companies and individuals. Prasad is one of the main agents who had acquired and was holding more than 100 properties on behalf of Shine City group of companies. These properties were purchased using the proceeds of crime,” the ED said.
The ED said that Prasad was placed under arrest on Monday and subsequently, he was produced before the Special Judge in Lucknow on Tuesday which granted six days ED custody.
This is the third arrest in this case. Earlier, ED had arrested one Shashi Bala and Abhishek Kumar Singh on November 25 and 30.
The ED investigation till now has resulted in attachment of properties worth Rs 128 crore and collection of incriminating documents during the searches.
